July 1, 2014 |
The buyout industry (members prefer we call it "private equity") has an image problem. Americans tend to admire wealth, success, and investor rescues like Carlyle Group 's 2012 buyout of Sunoco 's aging Philadelphia refinery, followed by a taxpayer-assisted makeover that kept hundreds working. But it's less of a crowd-pleaser when billionaire buyout artists like NBA 76ers owner Joshua Harris and his partners, who control Caesars Entertainment Corp. , do crushing things like telling workers last week that they will shutter Atlantic City's Showboat casino-hotel, ending 2,000 jobs.
March 17, 2014 |
Why don't they just hire Vanguard ? The Pennsylvania State Employees' Retirement System thought some explaining was in order. PSERS needed $1.4 billion from state and local property taxpayers last year, and it expects to need $2.7 billion next year, it told legislators in February in its yearly report. That's after paying $552 million to hundreds of private investment firms - more than half the total for private equity, private debt, hedge, venture capital, commodity, and other investments you can't buy from a broker - to keep its assets from sliding farther below its liabilities.
January 10, 2014 |
Investing in private equity used to be reserved for the wealthy. Only millionaires who were "accredited" or "qualified" to invest the big bucks had money in private equity - essentially, the One Percenters. Then, some of Wall Street's biggest private equity firms went public, such as Blackstone Group L.P. (symbol: BX), Fortress (FIG) and Kohlberg Kravis & Roberts (KKR). (Bain Capital L.L.C. remains private, but gained fame when partner Mitt Romney ran as a presidential candidate.)
August 24, 2013 |
A Dallas, Texas, private-equity firm, Panda Power Funds, is acquiring Moxie Energy's planned Liberty Generating Station in Bradford County, Pa., billed as the first power plant developed to use natural gas from the Marcellus Shale formation. The 829-megawatt plant will produce enough power to supply 1 million homes. Panda will immediately start construction on the 33-acre site in Asylum Township and expects operations to begin by early 2016. The plant will contain twin combined-cycle Siemens gas turbines, manufactured in North Carolina.
July 24, 2013 |
Do you have an investment or a start-up business for which you'd like to raise money? Now, to that end, you can advertise your venture - legally - on Twitter and Facebook, on television, even at a sports event. Washington watchdogs have updated the Securities Act of 1933, the law that once barred American businesses from raising money by advertising private deals. The change was part of the Obama White House's proposed JOBS Act, meant to spur small business after the Great Recession.
March 10, 2013 |
Gardner Denver Inc., an industrial equipment maker with a small headquarters office in Wayne, agreed to be purchased by private-equity firm KKR & Co. for about $3.7 billion after KKR raised an earlier offer. KKR, run by Henry Kravis and George Roberts, will pay $76 a share for Gardner Denver, the companies said Friday in a statement. That's a 39 percent premium to the price on Oct. 24, the day before the company announced it was exploring a sale. KKR last month offered $75 a share, Bloomberg News reported Feb. 21. "The long-term future of Gardner Denver is bright," Pete Stavros, head of KKR's industrials team, said in the statement.
January 16, 2013 |
Dell Inc., the personal-computer maker that lost almost a third of its value last year, is in buyout talks with private-equity firms, two people with knowledge of the matter said. Dell, based in Round Rock, Texas, is discussing going private with at least two firms, said one of the people, who declined to be identified because the talks are private. The discussions are preliminary and could fall apart because the firms may not be able to line up the needed financing or resolve how to exit the investment in the future, the people said.
December 5, 2012 |
TIANJIN, China - Three years ago, Gary Biehn, a partner with White & Williams in Philadelphia, wanted to expand his law firm's reach to this port city in northern China, an economic powerhouse that gets special attention from the country's central planners. The firm already had a business tie to a law firm in Shanghai and saw benefits to connecting with Chinese lawyers here. Biehn reached out to the International Visitors Council of Philadelphia, and a string of calls and connections that played out over the last year culminated in a business agreement signed here Monday under the eye of Mayor Nutter and his Tianjin counterpart, Huang Xingguo.
October 18, 2012
By Farah Stockman Last week, my friend Andy, a hedge-fund guru, sent me a memo titled "Three Steps to Fiscal Solvency. " It was based on the premise that if America were a company, it would be in pretty bad shape. We spend far more than we take in. Our liabilities are mounting. Our assets are pretty much flat. Andy got rich thinking outside the box. So I wasn't entirely surprised to see his list of things that Republican presidential candidate Mitt Romney - who made his fortune in private equity - might do to improve America's bottom line.